The global healthcare analytics market size is expected to reach USD 34.74 billion by 2026 from USD 11.2 billion in 2021, growing at a CAGR of 25.41% during the forecast period.
According to Intel, more than 80.0% of US medical institutions employ electronic medical record (EMR) systems. These systems collect large amounts of data that can be analyzed using various healthcare analysis methods to develop personalized medicine. Providers can use Healthcare Analytics to identify cost-related clinically relevant results through survey mining of electronic patient records, identify medical inaccuracies inherent in the system, and provide patients with a High cost-effective treatment while reducing resource waste.
MARKET DRIVERS:
Factors such as the rapid adoption of the latest technologies and the implementation of new healthcare devices are driving the demand for the global healthcare analytics market.
Increasing venture capital investments and growing healthcare spending, improving patient comes, and the introduction of big data in healthcare influence market growth. Also, growing research and developing activities are impeding the demand for the market. The investment expenditure on healthcare, particularly in urban areas with increasing disposable income, boosts the market growth. Adopting analytics for sales and marketing applications, increasing the widespread chronic diseases, and increasing pressure to minimize healthcare expenditure are driving the market. However, the adoption of big data applications in healthcare and ensures maintaining standardization in numerous internal processes while accommodating regulatory needs is further influences the demand for the market.
Increasing demand to reduce healthcare costs, including medical product defects and damages associated with inefficient hospital workflows, is expected to increase big data in the healthcare sector. Digitization of healthcare data is also one of the critical drivers of the global healthcare analytics market.
The rise of big data in the healthcare industry is increasingly focused on collecting and analyzing data from various sources, with better customer service and technological advances. The emergence of social media and its impact on the healthcare industry offers massive demand for the healthcare analytics market. Also, increasing funding for medical technology companies, developing mHealth applications, big data analytics, and the Internet of Things (IoT) products will increase the size of the global healthcare analytics market. Advances in technology designed to promote information sharing and improve compliance with the Health Insurance Portability and Accountability Act (HIPAA) patient data privacy standard may accelerate market growth.
MARKET RESTRAINTS:
Factors such as high implementation expenditure associated with healthcare analytics and security-related problems are impeding the market growth. The healthcare sector collects data from various sources in real-time, which involves the storage problem. According to the survey report, around 25 million patient records were breached in 2019, which is considered a challenging factor in market growth. However, the lack of skilled and trained people and less knowledge over the use of healthcare analytics tools are restraining the market growth of the healthcare analytics market.
MARKET OPPORTUNITIES:
The tremendous growth of patient data in the global healthcare system provides a strong foundation for healthcare analytics needs. The need to improve healthcare decisions with insights backed by global data drives the adoption of healthcare analytics. The global healthcare analytics market is deteriorating with the increasing use of analytical tools to reduce the performance gap in healthcare delivery systems. The tremendous potential of the healthcare analytics process and strategy can help stakeholders better assess public health priorities and make credible, data-driven healthcare decisions fuel market growth. Insights from healthcare analytics can help improve relationships between caregivers and healthcare providers, including insurance providers. It is a valuable claim to adopt healthcare analytics tools and strategies.
Promising potential health care analytics for national preventive health strategies and plans drives their adoption in developed countries. The digitization of healthcare systems, especially in growing regions, is fueling the market demand for healthcare analytics. The growing popularity of big data analytics in the transformation of healthcare in developing and developed countries have contributed significantly to the growth of the healthcare analytics market.
MARKET CHALLENGES:
Data storage and raw data analysis require the right technicians, which are the main challenges in Healthcare Analytics Market.
Impact of COVID-19 on the global healthcare analytics market:
The COVID-19 was declared as a pandemic by the world healthcare organization in March 2020. It has affected all the sectors across the globe. The healthcare industry is benefited from the pandemic. The healthcare analytics market has faced a downfall in the earlier stage of the COVID-19 because of the lockdown and travel ban. The healthcare industry shares mass health-related information using various platforms. It is essential to store patients' information during the pandemic period to analyze patient conditions, which further promotes better treatment procedures. Thus, the demand for this market has been positively impacted by the pandemic. Hence, the market is expected to have better growth further.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 to 2026 |
|
Base Year |
2020 |
|
Forecast Period |
2021 to 2026 |
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Segments Covered |
By Type, Application, End-User, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This research report on the global healthcare analytics market has been segmented and sub-segmented into the following categories and evaluated market size and forecast until 2025.
Healthcare Analytics Market - By Type:
The predictive analytics type is witnessed in leading dominant shares of the global healthcare analytics market based on the type. Increasing expenditure on healthcare with the rise in the disposable income is leveraging the demand of the market. The growing prevalence to have effective treatment procedures at any cost is likely to broaden the market's need.
Healthcare Analytics Market - By Application:
Based on the application, the financial analytics application is leading with the highest shares of the market. Increasing demand to have a proper analysis of financial issues in healthcare centers increases the need for the global healthcare analytics market. The rise in the investments in the hospitals by the government is outshining the growth of the market.
Healthcare Analytics Market - By End User:
Among all, public health systems end-user is ruling with dominant shares of the market. The growing prevalence of quality diagnosis and treatment procedures at any cost, especially in urban areas, is fuelling the growth of the healthcare analytics market.
Healthcare Analytics Market - By Region:
Regionally, North America is leading to dominant shares of the global healthcare analytics market due to the quick adoption of the latest technologies and the introduction of various healthcare sector applications. Furthermore, the growing demand for better techniques that are convenient and accurate in completing tasks is boosting up the need of the market.
Europe is following North America in holding the shares of the market. Increasing capital income in both developed and developing countries is accelerating the growth of the healthcare analytics market. The rise in government initiatives to accept electronic health records in hospitals is leveling the market demand.
The Asia Pacific has a tremendous growth rate from the past decade with an increasing population. Increasing disposable income in urban areas is expanding the growth rate of the healthcare analytics market in this region. Latin America is anticipated to have a slight increment in the shares of the market. The Middle East and Africa are expected to have substantial growth opportunities shortly.
KEY MARKET PARTICIPANTS:
A list of notable companies playing a promising role in the Global Healthcare Analytics Market is SAS Institute Inc., McKesson, Optum Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics Inc., Allscripts Health Solutions, Oracle Corporation, MedeAnalytics Inovalon Inc., and Health Catalyst.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Predictive Analytics
5.1.2 Descriptive/Restrospective Analytics
5.1.3 Prescreptive Analytics
5.2 By Application
5.2.1 Financial Analytics
5.2.2 Clinical Analytics
5.2.3 Operational & Administrative Analytics
5.3 By End-user
5.3.1 Public Health Systems
5.3.2 Healthcare Providers
5.3.3 Private Healthcare Providers
5.3.4 Monitoring Agencies
5.3.5 Health Insurance Companies
5.3.6 Clinical and Medical Research Bodies
5.3.7 Technology Vendors
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 McKesson
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 SAS Institute Inc
8.3 Optum Inc.
8.4 IBM Corporation
8.5 Truven Health Analytics Inc.
8.6 Cerner Corporation
8.7 Verisk Analytics Inc.
8.8 Allscripts Health Solutions
8.9 Oracle Corporation
8.10 MedeAnalytics Inovalon Inc.
8.11 Health Catalyst
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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